<\/p>\n
You need to set financial goals to help you make wise financial decisions, and also as a reward for your efforts. Goals should be clear, concise, detailed and written down. Unwritten goals are just wishes.<\/p>\n
Goals might be to maintain your same standard of living (planning for retirement, or in the case of an entrepreneur, anticipating the sale of your business), buying property, paying for children\u2019s or grandchildren\u2019s education, passing on a proportion of your wealth, making charitable donations, covering unplanned financial needs, etc. Each of these goals will make up a specific portfolio.<\/p>\n
But in order to achieve all of your goals, you will need a plan. Starting from assets you already have available, you need to determine how much more you require to accumulate and when you will need it.<\/p>\n
Don\u2019t neglect to consider that the price of your goal items might actually increase as well. Depending upon how you invest your savings over time, you might receive interest, dividends or capital gains to help you along \u2013 you should consider this as well.<\/p>\n
Specific<\/strong> Give yourself realistic deadlines. Adding specific dates, amounts, etc. makes your progress quantifiable to complete your goal and visualise a finish line.<\/p>\n Attainable<\/strong> Relevant<\/strong> Time-bound<\/strong> Setting realistic goals<\/strong> After considering the foregoing, you might determine that you can achieve some goals in less time. Or you might find that it could take longer. The time horizon is important to setting realistic goals.<\/p>\n","protected":false},"excerpt":{"rendered":" Clear, concise, detailed and written down Goals-based investing is an approach that aims to help people meet their personal and lifestyle goals, whatever they may be. If you do not know where you are going, how will you know when you get there? This is very true about financial goals.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/posts\/3533"}],"collection":[{"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/comments?post=3533"}],"version-history":[{"count":0,"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/posts\/3533\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/media?parent=3533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/categories?post=3533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rothesaybennett.co.uk\/news\/wp-json\/wp\/v2\/tags?post=3533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nYour financial and personal goals need to be as specific as possible, because otherwise they won\u2019t give you enough direction to follow through. Look at your goals like a lamp lighting the way \u2013 the brighter the light, the clearer the road ahead. If you don\u2019t have clearly defined goals, this can lead to procrastination. Think about your life and what you want to achieve, and what action you need to take to achieve the outcomes you want.
\nMeasurable<\/p>\n
\nBe honest with yourself and set realistic goals. Decide what you want to accomplish. So, start with the goals that are highest on your priority list. It\u2019s easy to be overwhelmed by everything that needs to be done, so start simple.<\/p>\n
\nAlign your goals with the direction you want your life to take. Balancing the alignment between long term and short term will give you the focus you\u2019ll need.<\/p>\n
\nHaving a finish line will mean you\u2019ll get to celebrate when you accomplish your goal. Having set deadlines gives you a sense of urgency that is lacking when goals are open-ended.<\/p>\n
\nEach goal will be assigned an amount, an investment period, a level of risk and an order of priority. Do you have the means to make additional investments necessary to accumulate the required assets to achieve your goals? Don\u2019t neglect to consider the effects of taxes on your savings and investments.<\/p>\n